Shares of Advanced Micro Devices (AMD) gained 10% on Monday after they announced that Meta (formerly known as Facebook) will be a customer for its computer chips.
Other cloud providers such as Microsoft, Amazon and Google also buy chips from AMD, as the chip manufacturer starts to put a dint into Intel’s market share. AMD’s chips has seen performance increases as Intel lags behind, putting the company in a strong position to become the industry leader.
Lisa Su, the CEO of AMD, said that more intricate details of the partnership with Meta will be revealed at the Open Commute Project Summit, scheduled for later this week.
Shares of AMD rallied $13.82 (10.1%) after the news, closing Monday trading at $150.16.